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we are going over the fiscal cliff, that's my take. the administration is not budging. the only way they will even come to the table to negotiate is with the top earners paying higher tax rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is where the president has drawn his line in the sand. meanwhile, the president is now proposing a form of kicking the can down the road. raising taxes now with a promise to deal with entitlement reform and tax reform next year or beyond. that's the real worrisome proposal. here we are at the center of probably the most important fiscal conversation this country has had in decades. no one thinks we can continue on this spending path we are on without a day of reckoning coming sooner or later. why would we not seize the
we are going over the fiscal cliff, that's my take. the administration is not budging. the only way they will even come to the table to negotiate is with the top earners paying higher tax rates, not just more in taxes, higher tax rates. but for some reason it must be higher rates, period. that's it. end of story. not because it is going to move the needle and fix our out of control debt, because it won't, not because it will put america on a fiscal sustainable path, because it won't. that is...
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president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what this is all about. t
president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best...
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Dec 6, 2012
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in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown raise
in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and...
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Dec 3, 2012
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with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let'
with the fiscal cliff and tax rates rising, in november public companies borrowed reported amounts in the bond market in part to help finance shareholder payouts. so, how much in bonds was sold last month? find out next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game...
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if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. >> what the -- we just got a statement from senator hatch who called treasury secretary geithner's remarks one of the most stunning and irresponsible things -- statements he's heard in a very long time and i think there's going to be some gop reaction. i will say that the idea for the question i asked came out of comments that president obama had made earlier so i'm not sure how much a change in position this is as it is just explicitly stating the position of the administration. he also said that going over the -- a deal would not get done without a deal on the debt ceiling as well. finally the treasury secretary said the proposal from speaker boehner did represent some progress. >> i think we're making a little bit of progress. i mean, we're still some distance apart. they're clearly moving. they're trying to figure out how to move
if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. remember, it's only 2%. >> what the -- we just got a statement from senator hatch who called treasury secretary geithner's remarks one of the most stunning and irresponsible things -- statements he's heard in a very long time and i think there's going to be...
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Nov 29, 2012
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we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage. >> i want to point this out. this is interesting in terms of the smoke and mirrors how this will play out for the republicans. in the "wall street journal" they write obama's flexible on highest tax rates. white house's flexibility, described by bowls, confirmed by the administration officials, could envision tax rates -- tax rate increase from the current level but was less than clinton era levels. if the republicans can say, we cut taxes from where they were under clinton it gives them cover though rates may go up. a weird, if there is an act of kabuki theater that would be it, right. >> i see a par
we go over the fiscal cliff rates reset under bill clinton and you're negotiating a tax cut not a tax increase. other thing the way weight of public opinion since that level has moved strongly against republicans. look who the public says they're going to blame if we go over the cliff, it's republicans because they see them as having forced the issue last time around, been willing to do this this time around. one reason boehner is grumbly and nervous because he doesn't have any leverage....
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Nov 30, 2012
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cliff." this political theater, if you don't allow these tax cuts to expire on the rich, the 1%, it's .25% coming off of gdp. you are losing a quarter percentage point. granted gdp numbers were better than we thought they would be. you are still losing a quarter percent if you let these tax cuts expire. it's an odd thing when we're so fragile on growth. >> let me take you to the trading element. what's happening is you get continued announcement of special dividends. you have been buying stocks on that basis. talk me through where you are now on perhaps what people may buy moving forward. >> it's a process that you really want to take into effect. it's got to be a company that you think is going to have some growth going forward. i bought winn. based on the company's fundamentals and then also for the kicker, the special dividend. that's something that i played. i also bought costco because i like the company's underlying fundamentals and a kicker for the special dividend there. you must like
cliff." this political theater, if you don't allow these tax cuts to expire on the rich, the 1%, it's .25% coming off of gdp. you are losing a quarter percentage point. granted gdp numbers were better than we thought they would be. you are still losing a quarter percent if you let these tax cuts expire. it's an odd thing when we're so fragile on growth. >> let me take you to the trading element. what's happening is you get continued announcement of special dividends. you have been...
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see what he thinks about the fiscal cliff. >>> later on in the program, with the rush to sell high-end homes to take advantage of this year's lower tax rates, is it a good time now to snap them up? our wealth editor robert frank. plus, our real estate correspondent will tell you what you need to know back half of the show. don't miss it. >>> and here's a lye shot of the street outside the new york stock exchange. christmas tree is right behind the band there. they are ready for the tree lighting ceremony. expect it to take place about an hour from now. we'll take you there live. back in a moment. obligations. obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. music is a universa
see what he thinks about the fiscal cliff. >>> later on in the program, with the rush to sell high-end homes to take advantage of this year's lower tax rates, is it a good time now to snap them up? our wealth editor robert frank. plus, our real estate correspondent will tell you what you need to know back half of the show. don't miss it. >>> and here's a lye shot of the street outside the new york stock exchange. christmas tree is right behind the band there. they are ready...
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Dec 4, 2012
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two things, first of all, i actually think we're going to get a resolution to the fiscal cliff. i just think it's going to come after we go over. so that's not unlike -- >> we agree. >> the idea there is actually republicans can claim a tax decrease. that is you can take the rate down from 39.6% to 38% or 37%, something like that. the president gets what he wants, which is higher rates. the republicans can claim victory as well because they're lower than they would have been otherwise. >> tony, let's assume we do, in fact, go over the cliff. as both you and jerrod suggest that we likely will. the market will likely go down and go down hard. a new poll suggested if we do go over the cliff that republicans are going to be the ones who are going to be blamed. how will we deal with that with the market being held hostage by these negotiations which seemingly, at least in public, are going nowhere? >> first of all, i think the markets might be better to listen to me and jerrod rather than whoever is telling them this could absolutely get done and the republicans will cave and that's
two things, first of all, i actually think we're going to get a resolution to the fiscal cliff. i just think it's going to come after we go over. so that's not unlike -- >> we agree. >> the idea there is actually republicans can claim a tax decrease. that is you can take the rate down from 39.6% to 38% or 37%, something like that. the president gets what he wants, which is higher rates. the republicans can claim victory as well because they're lower than they would have been...
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. >> we're ready to protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 of all americans' income. letting the rates go up to the same level they were during the clinton administration. republicans know where we stand. we've said it. we've said it. we've said it so many times. the president said the same thing. it's been weeks, at least two weeks, since we met at the white house. we're still waiting for a serious offer from the republicans. really, now is the time for the republicans to move past this happy talk about revenues, ill-defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. i'm glad to see there are some reasonable republicans breaking from the pack. veteran representative cole and a new member, scott from south carolina, have said basically the same thing. and that is, they should bring to the floor of the house the bill that's passed over here. it would pass overwhelmingly, as scott said in the press today. our bill would pass in a matter of m
. >> we're ready to protect middle-class families from the fiscal cliff that they're facing by freezing the tax rates for the first $250,000 of all americans' income. letting the rates go up to the same level they were during the clinton administration. republicans know where we stand. we've said it. we've said it. we've said it so many times. the president said the same thing. it's been weeks, at least two weeks, since we met at the white house. we're still waiting for a serious offer...
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we have a look at which ones face the biggest threat from the fiscal cliff. >>> later, if you own a car but never drive it, you might be able to make some money off it. ashton kutcher and marissa mayer are backing the start up. the ceo of get-around is coming up. gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed,
we have a look at which ones face the biggest threat from the fiscal cliff. >>> later, if you own a car but never drive it, you might be able to make some money off it. ashton kutcher and marissa mayer are backing the start up. the ceo of get-around is coming up. gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings...
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fortunate americans and others to avoid the fiscal cliff between now and december 31st but take what we agree on which is that the middle class tax cuts should be extended and tax rates should not go up for the middle class, let's do that now. the republicans refuse to do that thus far, which is sort of baffling. even some of their senior members like tom cole from oklahoma have said let's take that deal, but let's pass the tax cuts for the middle class and we're talking about making sure that tax rates for 98% of all americans and 97% of all businesses. it's a small percentage of individuals that make more than $250,000 a year that tax rates would go up just a little bit. we had an election, thomas, where americans had a clear choice and they chose and we need to make sure that we think a balanced approach that is fair, that doesn't throw the middle class under the bus and that works mathematically. so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundta
fortunate americans and others to avoid the fiscal cliff between now and december 31st but take what we agree on which is that the middle class tax cuts should be extended and tax rates should not go up for the middle class, let's do that now. the republicans refuse to do that thus far, which is sort of baffling. even some of their senior members like tom cole from oklahoma have said let's take that deal, but let's pass the tax cuts for the middle class and we're talking about making sure that...
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we have no idea where the capital gains are going to go, we're going to go over the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of what's coming in general? >> this is the stock, yes, it's cheap, now once it goes down, we have a million reasons, well, it's a nokia phone, well, it's china. ipad miniis available. this is a stock that's so widely owned. it reminds me of sirius satellite. every doctor, every dentist owns apple. they don't know the price per share, they just know it is the proxy for the market. >> they just accelerated dividends. but i think we're talking now 150 companies in some fashion have accelerated or put forward a special dividend. you put forward a special market share, china is 76, with the market share at least.
we have no idea where the capital gains are going to go, we're going to go over the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of...
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with things like the fiscal cliff coming up and a radical change in tax rates and possible future growth rates, i just think there are going to be lots of decisions that need to be made. lots of interesting decisions that aren't just m&a. corporate boards need advice on that. i'm optimistic it will be a decent year. >> we hope to visit you during that year. thank you. >> back to you, melissa. >>> news for investors out there. let's send it to mary thompson for a market flash. >> cnbc obtaining a notice that the company is raising margin requirements for apple to 60% from 30% effective at midnight tonight. one thing we want to note is cnbc has spoken to other people on the equity desk. they say they are not planning to follow the raise of margin on requirements for apple. we want to note that core clearing will issue a statement on this later. back to you. >> all right. thank you very much, mary thompson. still ahead, live coverage of president obama's remarks on the fiscal cliff before the business roundtable. can the president convince corporate america that he's got the right solution
with things like the fiscal cliff coming up and a radical change in tax rates and possible future growth rates, i just think there are going to be lots of decisions that need to be made. lots of interesting decisions that aren't just m&a. corporate boards need advice on that. i'm optimistic it will be a decent year. >> we hope to visit you during that year. thank you. >> back to you, melissa. >>> news for investors out there. let's send it to mary thompson for a market...
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. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is i
. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some...
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. >> faced with the prospect of going over the fiscal cliff, which you just called serious business, or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people, through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> what's that point of balance you just spoke about? could you put a debt limit increase in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life. but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're probably -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- >> i continue to believe that any increase in the debt limit has to be accompanied by spending reductions of that -- that meet or exceed it. >> thank you. >> with that, the happy talk azharry reid called it the other day is basically a thing of the past.
. >> faced with the prospect of going over the fiscal cliff, which you just called serious business, or extending the lower tax rates and not the upper ones, which one would you choose? >> i'm going to do everything i can to avoid putting the american economy, the american people, through the fiasco of going over the fiscal cliff. >> which is worse, though, for the economy? >> what's that point of balance you just spoke about? could you put a debt limit increase in the...
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with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there there is a code of silence the white house and speaker boehner's try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. nevertheless, cbs news has learned the following: the speaker and the president spoke before treasury secretary tkpwaoeugter in'sers.e.c.geithner's comments about going over the cliff, the conversation was described as brief, meaning shorter than the 28-minute conversation speaker boehner and the president had last week. also those familiar with the conversation tell me -- or do not used a skwrebgive thes like
with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $4,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett at the white house. major? >> reporter: scott, there there is a code of silence...
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to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was flabbergasted. i looked at him, i said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire
to go off the fiscal cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was...
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before, they were talking about increasing rates. that was bad enough and now they saves increase rates and get rid of deductions. a huge increase in demand on tax rises. does that concern you? >> absolutely. this is a proposal was brought to the table and on the republican side kind of laughed at and not take it seriously at all. some concern for the market because we are no closer than we were two week ago to any kind of agreement at all and if history has taught us anything with washington d.c. they don't solve anything until it comes to the last minute and all that uncertainty creates a lot of volatility in the market and we're seeing that more and more and will continue to see that for the next 30 days. liz: you to in this out and listen with one ear because you have been long-term bullish. how do you proceed when there is this echo chamber out of washington d.c. about the fiscal cliff? >> what you need to realize is regardless of where they end up, they have reduced standing and high taxes. you get a lot of noise. what i am see
before, they were talking about increasing rates. that was bad enough and now they saves increase rates and get rid of deductions. a huge increase in demand on tax rises. does that concern you? >> absolutely. this is a proposal was brought to the table and on the republican side kind of laughed at and not take it seriously at all. some concern for the market because we are no closer than we were two week ago to any kind of agreement at all and if history has taught us anything with...
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what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of things. we have to be realistic about what can be achieved before the end of the year and we have to build to achieving a grand bargain in 2013. >> steve, last year, we know how close everyone got and we also know that the president commission has been involved in all those people to come to a fix for our long-term problems. now, they came up with 28% as a tax rate. they came up with three to one in terms of spending cuts. the president is nowhere near embracing that at this point. we're so far from that at this point that it seems like the opportunity was mittsed last year. >> right now, the presid
what we need to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of...
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cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be accompanied by spending reductions that meet or exceed it. >> thank you, mr. speaker. >> speaker boehner speaking to the press outside of the offices on capitol hill. not really yielding any information, though. the intransigence it seems on both sides continues. but it definitely co
cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had...
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. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last time around the characterization of the phone call became a controversy in itself. i think it's pretty clear that the white house and republicans think the white house hand on this is strengthening. we see the polls that you mention, pew polls this week say americans trust the president more, assume if a deal is not reached -- trust the white house more, think if a deal isn't reached it, will be the fault of republicans and it is in fact easier for democrats to go over the fiscal cliff than it is for republicans because then all those tax cuts from the republicans are swept away. but it's too early. it's only december 6. we've
. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff in. >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. it's only 2%. >> i want to bring in "usa today" bureau chief and welcome to both of you. where are we in these negotiations, susan? >> i think the most encouraging thing was they agreed to the to characterize the phone call. the last...
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let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million older americans don't have enough to eat. anything else? no, not today. join me, aarp, and aarp foundation in the drive to end hunger by visiting drivetoendhunger.org. i tell them dentures are very different to real teeth. they're about 10 times softer and may have surface pores where bacteria can grow and multiply. polident is specifically designed to clean dentures daily. its unique micro-clean formula kills 99.9% of odor causing bacteria and helps dissolve stains, cleaning in a better way than brushing
let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks....
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you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be serious. i have just never seen anything like it. >> yes, indeed, it seems that republicans are not quite sure what to make of the president taking a harder line across the bargaining table. >> you know, the president's idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the president's plan is just, quite frankly, a joke. >> i'm not sure about that, senator graham, but there will be plenty of time for jok
you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was...
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if there's a deal on the fiscal cliff, if there's going to be a deal before january 1st, there will be rate increases of some sort. boehner can't be the guy to lead republicans to that, because they don't trust him and looking for sign of a sellout. what he needs to do here, this goes to the end of the month because boehner has to wait and put up the fight and make it look like he's putting up the filt. other conservatives say it's time to go. >> who would that be? >> people on talk radio and fox news and "wall street journal." >> who in washington would lead that? >> i think the tea partiers in the house are responsive to that information network. that's what happened with -- here's the key. last year the payroll tax was coming up for expiration at end of last year. obama said i wanted it extended for 2012. republicans at first said no, and boehner had to say no with them. when the deadline came last christmas, around last christmas republicans started to panic but polls showed people would blame them. all of a sudden those voices said let's not have this fight now. >> he's banking on
if there's a deal on the fiscal cliff, if there's going to be a deal before january 1st, there will be rate increases of some sort. boehner can't be the guy to lead republicans to that, because they don't trust him and looking for sign of a sellout. what he needs to do here, this goes to the end of the month because boehner has to wait and put up the fight and make it look like he's putting up the filt. other conservatives say it's time to go. >> who would that be? >> people on talk...
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let me play it. >> if there is no agreement, then the fiscal cliff has to be dealt with. i didn't see it if they decent this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go over the cliff. let's hope we can have an agreement. >> what do you make of the way she put it? it's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be a shame it if anything happened to it. that's not a threat. look, we have to start looking at what happens if we do, in fact, go over the so-called cliff, and what happens is, you know, one thing is we take a huge bite out of the deficit. we do it in a crude may, and there would be immediate attempts to fix it and fine-tune it and take some back. some would probably get through. if you actually want to look at it from a policy standpoint, it may not be the worst possible option to just go over the cliff and then put back in the tax cuts and the spending increases or renewals that you'd like to put ba
let me play it. >> if there is no agreement, then the fiscal cliff has to be dealt with. i didn't see it if they decent this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go over the cliff. let's hope we can have an agreement. >> what do you make of the way she put it? it's not a threat. she said, listen, these are the facts. >> nice little economy you have there. nice little economy you have there. it would be...
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he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement, and in that respect sadly obama is having some success. now so long as this debate is focused not on cutting spending but on raising daxs and revenues with the only question being which taxes, how much revenue, then obama wins. now if obama succeeds in making the argument not about his spending, but about grover norquist, he wins there, too. for republicans, on the other hand, if they can figure out a way to refocus the debate on spending, they win and the country wins. we can't kid ourselves that's correct is not easy to do. obama has the biggest microphone in the land and he also has the media in his hip pocket. all the gop has is control of the house. now it's
he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement, and in that respect sadly obama is having some success. now so long as this debate is focused...
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the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and millionaires. it's a sad state of affairs. >> one thing that we've seen in the days leading up, at least through this week, that there has been optimism from both sides expressed by speaker boehner, also by the president, and also republican tom cole, congre congressman, seem to be on board. now we have conservatives like charles krauthammer putting out their pieces saying let's go over the fiscal cliff, let the president do this. then john cornyn, republican from texas, saying apparently the president wants us to go over the fiscal cliff. this is serious business, demanding higher taxes, more stimulus
the biggest issue that's causing the fiscal cliff is the tax rates going up on the middle class. especially in this time now when we're getting out of this recession. we're seeing some robust growth. we want the christmas sales to be good. if the middle class knew that they're going to keep their tax cut, it would put a smile on everybody's face. and both parties can take credit for it. why won't they do it? there's only one answer. they're obsessed with protecting billionaires and...
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cliff than not to have a rise in tax rates, and he said, quooe, "no deal is better than a bad deal," and a bad deal for him is not letting tax rates go up. what do you think of that? he's one of your own. >> well, unfortunately, we've got too much partisanship in washington, d.c.. the american people want the leaders, both the president and the congress to come together, make the tough decisions. it's going to take both. it's going to take the revenue, but it's also going to take fundamental reform of spending. you cannot spend a billion dollars more than you take in every year or there's fiscal ruin, and with the amount of baby boomers retiring over the next several years, they are going to have to deal with things like medicare, medicaid, and social security if we're going to resolve this thing for the long term, and, frankly, iowa farmers and small businesses will be hit with huge increases in capital gains and death taxes, a real damaging blow to our state, which is doing well. liz: let's talk about the double whammy you face, and you're only one of six states where it's an inter
cliff than not to have a rise in tax rates, and he said, quooe, "no deal is better than a bad deal," and a bad deal for him is not letting tax rates go up. what do you think of that? he's one of your own. >> well, unfortunately, we've got too much partisanship in washington, d.c.. the american people want the leaders, both the president and the congress to come together, make the tough decisions. it's going to take both. it's going to take the revenue, but it's also going to...
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. >>> fiscal cliff, the thing we are trying to avoid, had $1.2 trillion in cuts but half are to defense. this has $1.2 trillion in cuts but they're just saying make the whole thing cuts to entitlements in domestic spending and not cut defense at all? trying to entice the democrats saying, i don't want you to fall off this cliff so why don't you voluntarily jump off this steeper cliff but don't worry, your fall will be cushioned by lava. >> that is jon stewart's take on the gop's fiscal cliff offer. he's right. we are better off stumbling down the slope like drunken fools than the republican offer out there. here to explain that and why a huge part of the talks making major changes to medicare may be totally unnecessary is jonathan cohn and joins us now. jon, i think that's a good place to start is this. itç seems like all of the discussions about medicare, in relation to the fiscal cliff or in general seems to have an ajumpgs a assumption it's a big program and in dire need for cutting and reform but there's a basic myth at work there of the efficiency of medicare. >> yeah. medicare i
. >>> fiscal cliff, the thing we are trying to avoid, had $1.2 trillion in cuts but half are to defense. this has $1.2 trillion in cuts but they're just saying make the whole thing cuts to entitlements in domestic spending and not cut defense at all? trying to entice the democrats saying, i don't want you to fall off this cliff so why don't you voluntarily jump off this steeper cliff but don't worry, your fall will be cushioned by lava. >> that is jon stewart's take on the gop's...
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i am concerned not only about the farming cliff, but the overall fiscal cliff. we need america to come together. we need to create more jobs in america like we have done here in nebraska, as you know. we have 3.8% unemployment rate here in nebraska. i want you to know that i have talk to our farmers and ranchers. they are prepared to take their fair share of budget reductions if it will put america a better economic shape. liz: i know. i know. do you think it will happen? it does not look overall at the moment, governor. >> it does not. the president needs to lead just like the governor's lead in their states. they ought to stay together as long as it takes to develop a framework for a real positive solution to move forward regarding the fiscal challenges we face. the two of them need to sit down, get it worked out and put america first. liz: you governors and what we have learned from delaware and rhode island and pennsylvania and utah, all of you have been so kind to come on the show, is that you cannot wait to have this very delicate ballet dance that they se
i am concerned not only about the farming cliff, but the overall fiscal cliff. we need america to come together. we need to create more jobs in america like we have done here in nebraska, as you know. we have 3.8% unemployment rate here in nebraska. i want you to know that i have talk to our farmers and ranchers. they are prepared to take their fair share of budget reductions if it will put america a better economic shape. liz: i know. i know. do you think it will happen? it does not look...
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joining me now, theman some democrats blame for the fiscal cliff impasse, grover norquist, president of americans for tax reform. and the many ands a finger to about fixing it, michael reagan, founder of the reagan group. i wantto start with the republicans plan that they put on the table. they have been accused of doing nothing and all. they come up with their own plan which inclus 800 billion in revenue from closing loopholes and eliminating deductions and then 1 billion in spendin cuts. it is being rejected from the get go by democrats. grover, what do you say? >> i think the republicans had a very good pl called lorraine budg. they alloted for it in the house. itsaves $6 trillion over the same decade, and they did not raise taxes and all. i really think of the president is not iterested in compromising, and not sure it is wise with the republicans to keep moving in his direction. i suppos it ge you five minutes on the nightly news to say you are being reasonable, but the president keeps saying he jst wants massive tax increase no spendin cus. he wants to increase spending as part
joining me now, theman some democrats blame for the fiscal cliff impasse, grover norquist, president of americans for tax reform. and the many ands a finger to about fixing it, michael reagan, founder of the reagan group. i wantto start with the republicans plan that they put on the table. they have been accused of doing nothing and all. they come up with their own plan which inclus 800 billion in revenue from closing loopholes and eliminating deductions and then 1 billion in spendin cuts. it...
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we will see. >> ruth from tell. >> i am in agreement with the fiscal cliff, you are my hero. we. >> robert, e-mail, perfect solution, again you nailed it, neil. >> jay from arizona, to the super hero i am glad someone is coming to the aid of the country. if you want do be a super hero you may want to turn your tall ends to educate the people on economics of country. >> that is what i do as a mortal on this follow show and on fox business network each day, jay every day, without a super her overoutfit. >> and i often watch with my dad and i think you are funny but i wonder, was he an odd kid? you seem like you would have done some odd things? >> well, if you call always worrying about the planet trying to say that the odds, well, guilty. >> kathy from hotmail, i love you, not in a romantic we because you saw it as it is. why not run for budget? i was too busy being a super hero, leaving mere mortals to lead. >> from north carolina, thanks for chewing out congress, and i am thinking of watching "lincoln" rather than fixing the economic problems. any in the of harry reid getting
we will see. >> ruth from tell. >> i am in agreement with the fiscal cliff, you are my hero. we. >> robert, e-mail, perfect solution, again you nailed it, neil. >> jay from arizona, to the super hero i am glad someone is coming to the aid of the country. if you want do be a super hero you may want to turn your tall ends to educate the people on economics of country. >> that is what i do as a mortal on this follow show and on fox business network each day, jay every...
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it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was
it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans...
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in my view fooling around with the debt ceiling is worse than the fiscal cliff. so you're sort of trading one monster for another. i think it would be, again, absolutely nuts to go there. >> peter, what do you think? >> oh, i don't agree. i think that the fiscal cliff and it is a cliff, on january 1 withholding taxes go up to the tune of $400 billion. >> not necessarily. >> it would have a very negative effect on the economy. according to the legislation they would, jared. >> they would not. >> jared, you have to -- >> let me make a point. the treasury secretary can decide if he or she believes a deal sl imminent not to adjust withholding tables. very important. >> i'm talking about no deal and we go off the cliff. >> we go off and stay off. >> it's $400 billion. we have a lot of things to do with regard to our debt ceiling, and my feeling is no one really believes the united states of america is going to default on its debt even if it lapses. we're dealing with different things. one is real and substantive and the other is psychological. >> i really disagree. >>
in my view fooling around with the debt ceiling is worse than the fiscal cliff. so you're sort of trading one monster for another. i think it would be, again, absolutely nuts to go there. >> peter, what do you think? >> oh, i don't agree. i think that the fiscal cliff and it is a cliff, on january 1 withholding taxes go up to the tune of $400 billion. >> not necessarily. >> it would have a very negative effect on the economy. according to the legislation they would,...
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they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say restructure entitlements? what does restructure mean? destroy, wither on the vine, voucherize, or does it mean let's work together to make these stronger? >> now, given that speaker boehner doesn't tell us anything, are you able to give us any specific examples of what democrats may be prepared to concede in terms of earned entitlements? >> well, i am not willing to say that we cut benefits at all because we can, in fact, make medicare more cost-effective and bring down health care costs without cutting benefits. we did that, and the republicans hit us over the head with it.
they're clearly neither shaken nor stirred by the fiscal cliff. joining us is congresswoman jan chakowski from illinois. >> good afternoon. >> can i thank you for remaining at work given the urgency of the situation. speaker boehner says raising tax rates on the top 2% is unacceptable without serious entitlement reform. and a few hours ago nancy pelosi wondered what exactly he had in mind. take a listen. >> what are we talking about here? what are we talking about when we say...
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cliff negotiations, deficit reduction. not hearing specifically about mortgage interest deduction but hearing about closing the loopholes. republicans say this is what's on the table from the white house. raising marginal tax rates on the very rich. extending both the social security payroll tax break and unemployment benefits for next year. the government wants to -- the white house wants to defer the sequester for a year and then launch this new multi-year stimulus package that would be at least $50 billion last year, infrastructure spending. also get this, a permanent increase in the debt limit, and they would take the debt ceiling approval away from congress. robert reich, do you have any problems with all of these things? >> well, most of them are steps in the right direction. i think that actually taking the debt ceiling approval away from congress sounds radical but it really isn't. that's a technicality. you don't want the debt ceiling ever to be negated. you are don't want congress to ever say no because that's th
cliff negotiations, deficit reduction. not hearing specifically about mortgage interest deduction but hearing about closing the loopholes. republicans say this is what's on the table from the white house. raising marginal tax rates on the very rich. extending both the social security payroll tax break and unemployment benefits for next year. the government wants to -- the white house wants to defer the sequester for a year and then launch this new multi-year stimulus package that would be at...
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and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make addition
and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we...
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. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be to the advantage of the democrats to go off the cliff, wealthy it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> surprising exactly no one, senator mitch mcconnell took to the senate floor yesterday to blast the administration strategy as a campaign maneuver. >> incredibly, many top democrats, including the president, seem perfectly happy, perfectly happy, to go off the cliff. >> but in a new quinnipiac poll out today, the american public gives the democrats the benefit of the
. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be...
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. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are several democrats who have floated that for a while. the code word is we want to go back to the clinton tax rates and talk about the clinton economy that we had a much more vigorous economy and growth and we should go back to the clinton tax rates. what that really means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. i don't support that. i don't think that's a great idea. it would slow down the economy. >> when you look at economist's evaluations, it would slouw dow the economy. it would. there's no question about it. but if the problem is that we hav
. >> with no breakthrough today, fiscal cliff negotiations, could this be a starting pot? "outfront" republican congressman james lankford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. appreciate you're taking the time. what about this idea of racinin taxes on everyone? the math works much better. >> i heard your lead in when you said this is a new idea. actually, it's not a new idea, there are...
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we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time rather than full time and that is ascribed to hurricane sandy. normally you do not expect that. >>shepard: the matters went, so what. >>gerri: well, they saw that the 350,000 number and they thought they didn't like that and the market pulled back a little. we have had back-and-forth situation on that, starting off 74 up on the dow and now we are down. >>shepard: better than negative. >>gerri: better than negative. >>shepard: millions of american jobs potentially on the line if lawmakers do not get their act together. house of representatives speaker boehner says there is in progress in talks to avoid the
we expect add big impact from the fiscal cliff and the labor department said no, we did not but labor participation rate, look at this ugly chart the it is declining. we have the rate drop again in large part because the labor force fell by 350,000. we are watching that carefully because you want to see people work. and try to get jobs. it is critical. >>shepard: what impact did super storm sandy? >>gerri: not so much. however, there were a million people that were working part time...